How much better can things get?

That’s the kind of question that politicians hate and the public loves. The two dozen Democratic candidates heading into the Iowa caucuses in a few weeks would love to accuse the president of mismanaging the economy. But with a jobs report like the one that came out early Friday morning, Trumponomics are roaring.

Consider the unemployment rate of 3.5 percent. Most living Americans have never seen an unemployment rate this low, because most Americans are under the age of 50 and the U.S. economy hasn’t had such low unemployment since 1969.

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As every college student preparing for their final exam knows, some amount of unemployment is natural. When I was in college, the natural rate was

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